The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-02-09
Afternoon Session.

Mr.. Gardiner moved to lay Mr. Jewetts tele-
phone tax bill on the table for the present SO it
could be considered with the bill to repeal the
telephone law of 1883. The motion was lost by
yeas q, nays52
Mr. Jewett's amendments was then adopted.
The ways and means committee reported. max
ing no recommendation upon Mr.. Foley's bill,
to exempt 500 from taxation.
The author of the bill explained that the OBJ
ject was to relieve poor people. The law ex
empted 5000 on judgments, and it ought to do
little in the same direction to relieve poor peo-
pie from the burdens of taxation.
MIR. kellison insisted upon the special order,
which was the reconsideration of his bill. to reduce
the rate of interest to per cent. Upon this he
spoke at length saying that the money loaned
upon security in this State to-day would exceed
$780, 00O 900, upon which at per cent the people
would be paying yearly So, 900, 900. or about one
third of the wheat CROP and as much as the en-
tire corn crop of the State. That per cent. was
more than any legitimate business could pay.
The continuation of this rate would force large
amount of property to sale. Indiana goes into
the market and borrows money for 81 to per
cent, and yet permits her people to charge per
per cent, when if she had to borrow at the same
rate, it would not be five years until she would
be bankrupt.
Mr.. Davis characterized the bill as nothing
more than a piece of nonsense, got up for
buncombe. He wished it distinctly understood
that he was not in any way representing the
money shylocks, or that he was a money lender
he considered it attempt to strike down the
pillar on which the business interests of the
country rests, claiming that the Legislature had
no more right or authority to regulate the rate
to be paid for the use of money than to regulate
the rate to be paid for the use of horse. He
asked: IF we cannot enforce the present law,
how are we going to enforce one more severea
It seems to me it would be an utter failure"
Mr.. Mock opposed the bill because he thought
it would drive capital out of the State and cause
many homes to be sold at foreclosure sales.
Mr.. VanSlyke said there were many men
working for ST. 10, ST. 10 and 81. % day If they
had to pay per cent there was no chance for
them to ever accumulate property
Mr.. Fleece, in opposition to the bill, held that
| the passage and enforcement of law reducing
| the rate of interest from to 6 per cent would
| have tendency to drive from the State all the
foreign capital. as capital would naturally seek
| the best and most profitable Investments He
| also claimed that this withdrawal of capita
| would result in the foreclosure of many mort
cages, and that the passage of the bill would be
| great inconvenience to the people of the State.
| Messrs. White. Cough and Robinson spoke in
| favor Of the bill, following very nearly in the
| line of argument used by Mr.. Kellison and
| others. Mr.. Cough thought the bill would bt
accetable to 900 out of his % 600 constituents
| The Speaker, by unanimous consent--Mr. Kel
| iison in the chair-introduced bill to allow TIT
County Commissioners, in counties having al
assessed valuation OF property of $10 coo, 900, tt
loan not more than SIC, 900 to agricultural soeie
ties. the amount loaned not to exceed one hal
Of the value of property owned by the society
The bill was passed under suspension of tn
rules. Adjourned